Peter Tuchman
speaker
483 appearances
9 recordings
1 series
first heard Dec 2024
last heard Apr 2025
Peter Tuchman’s voice in public audio — every appearance, attributed to the second.
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Appearances
They should keep you on your savings plan. They should at least do an annual review of the financial plan, and they should be available to you throughout the year, all the time when you have financial questions about anything that impacts you personally.
Just your brokerage. So IRAs, taxable investments, things that you would hold at a custodian like a Fidelity or Schwab. Your bank accounts where you keep your checking and savings, those should stay with you.
So some financial advisors have the technology to connect to that and manage it for you directly. Some plans don't allow you to do that or advisors don't have that capability. So instead, they'll pick what's going on there. They might go online with you in the room and help you fix that or get on the phone with you and help you get it where it needs to be.
And sometimes some advisors just keep it totally separate. I just know at Creative Planning, we incorporate it into the investments in the plan, but that will depend on the advisor you're working with.
So most advisors don't do anything with taxes. Some will at least get materials together to give to your CPA. And some advisors are very involved in tax. At Creative Planning, we are very involved in tax. We try to control the capital gains tax of the portfolio. We try to reduce income taxes. We do tax planning sessions with our clients. And for many clients, we prepare tax returns.
And so it's really a function of the advisor. Financial advisors, the majority of them focus on investments. Some also include financial planning. I think that's mandatory to have financial planning. And some go the extra step and also do tax and maybe even legal.
Yes.
That's right.
So I think a couple of things. I think one, are you getting the communication that you need from this advisor? So if they're not calling you back, if you're not getting in your views, it's not working. Everything else doesn't work. it's time to get a new advisor. If those things are being met, we're looking at performance. Like we have an idea of where you are and what you're trying to do.
On track doesn't mean your portfolio's up 50%. It just means compared to what the markets are doing, how are you doing? Are you somewhat tied to those things? If the market's up 20% and you're up 2%, there's a problem. So we need to figure out what's going on there. How are you comparing to the benchmarks that you're up against? Are your large stocks, how are they doing compared to the S&P 500?
Are your small stocks, how are they doing compared to the small cap index and so on? And then also, are you able to solve your other problems? As you have a question about how to refinance your home or whether you should buy or lease a car, are you getting the answers that you need to those questions from your advisors? Are they able to help you outside of that as well?
Well, to me, it's if in the public markets, if we can match the index, you're doing great. So if you're part of your portfolios and large stocks and you're tracking the S&P 500, that's great. If on an after tax basis, you're doing better. That's amazing. If you own private investments, you should expect over time to beat the public markets.
If that's not happening over a five year period, there's a problem. And of course, you have to compare your bonds to the bonded next. We can't compare the bond part of a portfolio to the stock market. The bonds will always do much better or much worse because they're different types of investments entirely.
I love to at least once a year at a minimum. So where you're just going through everything and just going, look, I know we're communicating throughout the year, but I want to make sure nothing got missed. So you go repeat an entire process again. What's your net worth? What's your retirement? What's going on with education? Is our insurance needs covered? Have we done all we can to mitigate taxes?
Is your will and trust correct? So it's just this check of everything to make sure that through all the phone conversations and Zooms and emails throughout the year, is there anything that got mixed? That's why you want to repeat the whole process.
That's right. So there's some advisors that get paid a commission if you buy an investment. And this is definitely not the route to go because it creates an inherent conflict between the advisor and the client. So if an advisor is saying, hey, buy this one and
you've got $50,000 or $100,000, put it in here, that advisor gets a 5% commission, they're going to recommend things where they get bigger commissions. And so it doesn't put you on the same side of the table as the advisor. Instead, you want what's called a fee-based advisor, where on the $100,000 account, they'll have a fee to manage that $100,000, but there's no transaction commission.
There's nothing that happens on the front end. So what's the advisor's goal? The advisor's goal is to go look for whatever investments can make your account grow. because they're getting maybe 1% of what they're managing for you or whatever the amount is. So they want that account to go up. Because there's no transaction cost, there's no incentive to push you from one product to the other.
And there are some places that do that. Basically, I divide it to commission or fee. You never do commissions. You're over in the fee world. Most of the advisors in the fee world, they charge a percentage of what they're managing. For your listeners that have a 401k at work, that's what you're doing there, right? You're paying
a fee that's built into the mutual funds or built into the plan somehow. It's not a commission and it's not a fee. It's tied to the investments. Some of those fee-based advisors, instead of doing a percent of the investments, will say, hey, we're going to charge you $1,000 a year, $5,000 a year, and we're just going to advise you on everything.
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